N.Y. Public Authorities Law § 2429: Rentals

§ 2429. Rentals. Notwithstanding the provisions of, or any regulation

promulgated pursuant to, the emergency housing rent control law, the

local emergency housing rent control act or local law enacted pursuant

thereto, all dwelling units in a multiple dwelling the rehabilitation or

construction of which commenced after July first, nineteen hundred

seventy-eight and which is financed by a loan insured by the agency,

except for dwelling units occupied by reason of ownership of stock in a

cooperative, shall be subject to the rent stabilization law of nineteen

hundred sixty-nine or the emergency tenant protection act of nineteen

seventy-four, if applicable in the geographic area in which the multiple

dwelling is located, beginning immediately after initial rents as

established under applicable provisions of the rent stabilization law of

nineteen hundred sixty-nine, the emergency tenant protection act of

nineteen seventy-four or the private housing finance law for such

dwelling units become effective on the basis of such rehabilitation or

construction, provided that any occupant in possession of a dwelling

unit that first becomes subject to the rent stabilization law of

nineteen hundred sixty-nine or the emergency tenant protection act of

nineteen seventy-four pursuant to this section shall be offered a

two-year lease notwithstanding any contrary provisions of, or

regulations adopted pursuant to, such law or act, at the initial rent

established for such dwelling unit.